Availability Of Life Insurance
Agent - Glennwalker
Most people apply for life insurance through
an agent, licensed by the State, who may represent one or
more companies. If you use an agent, choose carefully. Agents
earn a commission on your business. A professional agent will
do more for you than just sell you a policy. They should assess
your needs, answer your insurance questions and help you establish
your goal. They should advise you, and help you update your
insurance. If you are considering the purchase of a variable
policy, the agent must have an insurance license and a registration
with the National Association of Securities Dealers. Variable
products usually involve securities.
Group Insurance
Many employers offer life insurance under
a group plan, and sometimes pay part or all of the premium.
A medical exam is usually not required for insurance purchased
this way, and the insurance can be much cheaper than coverage
purchased as an individual. Under California law, group life
insurance must be convertible to permanent insurance at the
insured’s option when the insured’s coverage under the group
policy terminates. The converted policy will probably be much
more expensive than the group insurance.
Some employers will allow insurers to send
agents or enrollers into their premises to offer insurance
to their employees. Policies offered in this manner are different
from group insurance, and you should evaluate the materials
shown to you in the same way as if you were considering a
purchase of an individual policy through an agent.
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